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tv   FOX Business After the Bell  FOX Business  May 17, 2013 4:00pm-5:01pm EDT

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same-store sales are. [closing bell rings] david: boeing you are you heard it first. a top analyst recommended boeing. it is one of the the leaders in all the market. liz: nice move there. bells ring on wall street. we're just about 4 1/2 points off the highs of the session for the dow jones industrials. look at s&p 500. at one point down 2 points. now up 15. a nice move for stocks all around. if you are long on stocks in your portfolio, you made money today. david: i hope you have one of those oxygen masks. we're getting so high up the oxygen is getting kind of hard to find here. we're starting you off with the front page headlines before we go any further. gold heading lower for the 7th ssraight session as the dollar index jumped to a near three-year high. gold settled down to $1364. now the metal has now fallen $109 an ounce in the last seven sessions. liz: consumer sentiment,
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done by the university of michigan, perked up in may to the highest level in about six years. the index jumped to a reading of 83.7. that is up from 76.4. sentiment was helped by the rising stock market. this is heavily weighted to financials and how people feel about their portfolios. we had falling gasoline prices firmer house prices. david: bloomberg, you heard from them time to time, they appointed samuel palmisano, former ibm chief executive to review the company's practices and policies on the use of client data. the move comes after revelation that is the reporters have the ability to snoop on clients using bloomberg terminals. liz: treasury secretary jack lew telling congressional leaders that the u.s. will reach its debt limit this saturday. the u.s. is taking extraordinary measures to keep paying its bills. david: "the financial times" says its tech blog and various twitter accounts were hacked by a group identifying themselves as the syrian electronic army. two messages appeared in the newspaper's twitter feed,
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including one that stated, quote, syrian electric army was here. liz: according to a person familiar with this matter, directv, the second largest u.s. pay-tv provider is weighing a potential bid for hulu. directv is the latest company to show interest in the six-year-old online video site. "after the bell" starts right now. liz: yes, it's friday but our energy is high right now. we've got a lot of action to talk about with the markets looking as good. let's get to joe bell, schaeffer investment research analyst. top performing stock pick up nearly 140% since he told you to buy on this show. he is here with five more names. plus we've got scout bauer in the pits of the cme. let's start with scott. so we have the umich data. that looked healthy. that helped propel the markets. we never saw a down move by
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the dow. >> we never looked back. it was those classic melt-ups. it was unbelievable. down premarket. came out up three or four points in the s&ps and a straight slow grind shot up from there. i'll tell you, not only was there many shorts getting squeezed in the equity markets, there is a lot of twice out here they were telling me, that got squeezed today also. after a little downdraft yesterday, guys went home a little short. actually thought this might be going into option expiration today. maybe a time that we were going it see that pullback but uh-uh. these guys were short and they're all covered now. actually if anything, they are really bullish going forward. this is just crazy. that consumer sentiment number came out today, unbelievely bullish. we're also seeing the vix trade back towards almost that support level, 12.5. it went lower than that today. the rest of the week when we saw stocks going up and markets going up the vix actually rose. today got absolutely pummeled. absolutely pummeled.
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this market with the economic news we're seeing, with, every single government --. david: that is the bottom line, joe. that what scott is saying is absolutely true. the encouraging thing about this market rally, it's happening with a strong dollar. for some months, even years, when the dollar's improved we've seen the market go down. today everything is going up in tandem. i think it is fair to say, joe, correct me, if i'm wrong, it is no longer a fed-based rally. what we're seeing now is an economy-based rally. do you agree, joe? >> i would agree and i would say that people have been saying this is a fed-fueled rally for quite some time and haven't really been giving this economy the credits due. i think the economy is on much better footing that an most people would give it credit for. we've even improvement in the housing data. jobs are starting to improve or getting consumer sentiment data becoming better than expected. overall for quite some time we've seen an improving economy people have not been
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giving credit for. just now you're starting to see the data catch up to the ssrong market. liz: joe, that's a good point. you saw jpmorgan's analyst throw in a little towel, a little hand towel because they have been pretty bullish but they changed their s&p year-end target. it had been 1650. they have now changed it to 1715. that is really a major, move, is it not, see the number 17 in front of the entire attempted sort of price target here for the s&p? >> well, it seems like it but we're above 1650 now. so they probably had to revise that. liz: are you revising yours then? >> yeah. we're back above 17 as well. we had a year-end target before end of this was 1650. we're up around 1650 now. we had the strong price action. we do expect the money to continue to flow up from the sidelines and expect higher prices through the end of the year now. the analysts have been incredibly bearish. analyst buy ratings on the s&p 500 components. only 49% reverse back were at 5.
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so they have actually decreased their buy ratings during a market rally that has almost douged. so, historically markets tops occur when you have that optimism. right now you talk about analysts they haven't. they're a little late to the party. i don't think we're near a market top. that's one reason why. david: joe, i already got an e-mail saying what was the stock joe had up 140%? that was netflix. you were also on in january. back in january you recommended netflix. up 140%. kudos on that. i want to get back to scott for a second. there's netflix. unbelievable rise since joe recommended it. scott, let's talk about gold for a second because we do have a lot of gold bugs out there wondering whenever this gold is going to change its price. it's getting close down to that 1350 an ounce level. i understand you think that's a very key area. if it breaks below 1350, what happens? >> well, you know, last month we saw that really violent move down to 1350.
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rallied back. now over the last seven trading days we're almost down to that level. these traders out here are telling me, and if you look at the charts it is certainly substantiated, if we break through 1350 we're in no-man's land. we could move another 10% to 20% downward over the next couple of months. really down to like 11, 1150 is the next clear-cut area. i'm telling you, it was such a violent move a month ago. then that rally back. now that we've kind of just, dogged into it, right, little by little, got back down to that support area here, it we -- if we break it you will see the energy and violent move probably propel that thing downward. liz: regardless, john, joe, you feel that there are names that people should really be in. let's put up some of your names. you're talking about some consumer discretionary names. tiffany is not something where you look at, i'm going to buy that if you think there will be a real problem with the stock market yet
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you like it here. why? >> i definitely do. that's a name that has a lot of short sellers targeting it. analysts are late to the party on that one as well. we've seen incredibly strong price action. all we've been hearing for quite some time, the past couple years now really, is the consumer is dead. all of sudden now we're getting some bids on this consumer sentiment data but for quite some time we're hearing the consumer is tapped out and they will not go out there and buy. these companies that rely on the consumer to be healthy and doing well, they're near all-time highs. xrt is breaking out across the board. strong price action. skepticism to us, that combination is very bullish. liz: chipolte is different animal when it comes to that. while it doesn't require a lot of discretionary income to go to chipolte, there are a lot of questions about the company, although lately it looks pretty healthy at the moment. >> that's another one. price action has been strong. fundamentally stores are seeing a lot of traffic. there is so much doubt on that one. short sellers targeting it
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heavily. a lot of options speculators continue to bet against chipolte. that is name we think will continue to result to the upside. a strong trend. a lot of negative sentiment. we think a lot of sideline money will flow to restaurant names, specifically chipolte. david: next time you have a name that will go to 140% come to us first like you did last time. we need those names. they're very helpful to the overall portfolio. joe bell, >> thank you. liz: green mountain coffee roasters, very nice pick. scott, we'll see you in a few minutes how the s&p futures close. david: series of stock pick masters. we haven't forgoten about the autos today. this analyst's last pick was is up 70%. 7, 0% percent. you don't want to miss him. what names does he have that he thinks will be running at all cylinders this year? you can not afford to miss this segment. liz: gold is one of the most talked about commoditiess3 especially lately after this
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drop. has it lost its luster falling for the 7th straight day? is this the start of a bigger selloff or continued money printing around the world will send investors crawling, begging back? we have an all-star street fight. we want to hear from you, more than $700 million, yes, that is what it is now for the jackpot for power ball this weekend is up for grabs. if you won where would you invest? stocks, bond, gold or under the mattress? log on to we'll read your answers later this hour ♪ . ♪
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games, hardware. obviously all-accessries go with games. sometimes they're hot and sometimes they're not. most of the time they have been hot lately. they report quarterly numbers next week. today up 4 1/2%. credit suisse raising the company to outperform price target of 44 bucks up from $33. of course it already surpassed that. i was checking on analyst ratings, 62% of the analysts actually have buy ratings on gamestop. we know it is with up of those there is lot of short-covering involved. you have 62% of analysts with buy ratings. 28 or so with holds and remainder with sells. the certainly one to watch. i also want to alert you, liz and dave, to anadarko petroleum. on the close there was a big crowd. there were issues with the close. something made headlines. i'm guessing everything is okay but i know it was over at this point. it was was something volatile at the closing bell and there were some erroneous trades. david: have a wonderful weekend, nicole.
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busy week. get plenty of rest. liz: the s&p futures are closing right now. let's head to scott bauer in the pits of the cme and how it looks for monday. >> looks like from these guys here, they're settling up for the market to go higher. they were covering their shorts earlier and looking for market straight ahead monday morning. >> can you do those two? sorry, thank you very much. we're having a discussion here because we've got some breaking news on sac capital. according to "the wall street journal", i want to get this out here for the moment, there is a letter that sac capital, embattled hedge fund runned by the famed steve cohen apparently sent or going to send, we're waiting on this information to prosecutors. let me read to you exactly what we know from the "wall street journal." sac capital says the cooperation with the government investigators investigating the hedge fund is no longer unconditional. they say they will limit information, that the fund shares with investors about
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government investigation here. so as we get more details, trying to get some people on the phone to find out more about this. but that sac capital fund is still very much --. david: we do have a little brief from the letter. it says in the past we tried to be as transparent with you as possible about the state. investigation while balancing our desire for transparency with the need to keep the details of a sensitive investigation confidential. while we have in the past told you of our cooperation with the government's investigation, our cooperation s no longer unconditional and we do not intend to give you updates in the area going forward. this is according to the deal book. we're going to give you more information as we get it. this breaking story. continues to break and we'll keep you updated throughout the hour. meanwhile "the wall street journal" releasing its list of the top stock-pickers in the country. all this week we brought you the number one name in five different sectors. yesterday the top asia row space and defense analyst by the way gave his us three
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top stock picks including boeing. take a listen. >> now boeing turned the corner on the 787. the demand is there and we think you will head into very nice free cash flow. liz: all three of his picks hit 52-week highs today, including boeing. had you listened, this is what we try to do is make money for you guys by bringing in the smartest people. today we have another one. master stock-picker, scott levy, covering autos and auto parts. your last pick, standard auto products up 70% since you said to buy it. how did you know? what did you use as your criteria to pick that name? >> i generally use valuation. good fundamentals and a good balance sheet. that is a pickup 93%, 92% combined because i got out early in the year with a 12% gain. went down 40% as a hold. got back in for that 70%. liz: it did better than everybody thought. david: that is great news
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the average car in the united states is 11 years old. consumers say what you will about consumers we know they're holding onto the cars. are they ready to move on? are they ready to buy new cars? is part of the reason they're bullish? >> absolutely. i think american consumers are ready to buy new cars. the average car is 11 years old. there is knew technology they want. you can borrow to finance a car. people looking for more jobs. people are looking for vehicles refreshed. that should bring a lot of people to the dealerships. liz: people think of auto parts and they think of advanced auto parts and reilly automotive. you picked one, magna international that jumped 57%. do you still like it now? >> i still like magna. the fundamental story for these companies, there is general theme going on for stocks i like. u.s. growth and also global growth. chinese, so many cars are being bought up there, that is the biggest market, bigger than the u.s. now. these companies are taking advantage of that. so magna is one of those
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companies with wonderful technology and we think people will use them again. david: the euro dragged on cars is bottoming out? you think they will get back into the buying mode? >> i think we'll bottom out by end of this year. just had new data last month sales were up for first time in nine months. david: let's go back to another auto parts company, johnson controls. they do internal mechanisms in cars. you like them as well? >> like them too. they are not just for automakers. they have control buildings not in this building here for fox but he have they a battery business. stable, good management. david: all the stocks by the way are at 12-month highs. liz: i talk to the guys at johnson controls and they're fascinating to me because they have been going internationally. they have been taking trips to asia, specifically china for years. they have a really strong toehold there. >> they're well-managed company. they look for the future. they're not managing quarter for quarter. that helps them grow. david: a pure car play, they make car chassis, if i'm not
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mistaken, trw. why do you like them? >> trw, same themes. with their niche they have a lot of auto safety vehicles. more demand for safety in cars. whether it is the brakes or the, the airbags as well as protecting from bad accident to happen in advance. they know that there is something, oncoming car they move you out of the way, that type of technology. that is not the u.s. it is growing for china and brazil. there is more regulation, demanding that. there will be growing demand for safety parts. liz: our master stock-picker from yesterday, the aerospace stock-picker who has done so well, everything is hitting 52-week highs, he said free cash flow is really important when he looks at a company. depends sector to sector, does it not? but how important is it for the auto industry? >> it is very important for the industry. there is research going on. research now products and technology. there is big cost. there is so much cash flow coming in with new business they're repurchasing share.
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trw is example of that. david: list tin to what this guy says. trw, magna automotive and johnson controls. s&p cap al iq. liz: congratulations. job well-done there. >> thank you. david: thank you very much. we have a lot of breaking news. continue with us. we'll be right back after this. i'm so glad you called. thank you. we're not londo are we? no. why? apparently my debit card is. what? i know. don't worry, we have cancelled your old card. great. thank you. in addition to us monitorinyour accounts f unusual activity, you could also set up free account alerts. okay. female announcer ] at wells fargo we're working around the clock to help protect your money and financial information. here's your temporary card. welcome back. how was london [ female announcer ] when people talk, great things happen.
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david: you know they say you pick your fights. some people are reluctant to pick a fight with government investigators but it appears, it appears at the outset that is what sac capital is doing. this is part of a letter that they have written to the government. they say in the past we tried to be as transparent with you as possible about the state of the investigation while balancing our desire for transparency with a need to keep the details of the
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sensitive information confidential. while we have in the past told of our cooperation, our pooperation is no longer unconditional. that is a letter that sac sent to the government. joining us to discuss whether this is a good move, former federal prosecutor. doug burns. would you have advised sac to do this? >> there is lot of interesting dynamics. you have to hit the rewind button. matthew martoma was arrested. people speculating will he cooperate with the government. they were pressure him a lot. reading between the lines he is not cooperating. i said that for some time. to answer your question, which is very good one, would i advise them to write defy ability language to the government? no, i wouldn't, seriously. liz: maybe they are sensing the government has something on them now? >> that's a great question. the point is, why would you want to rile up, in the day-to-day practice of white-collar criminal defense so often i preach to my clients, keep your head
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down, i never call the government, hey, how is my case coming along? david: this is rather than that -- >> this is even worse. david: this is bringing a firearm to -- >> we've been saying all along we'll help you. guess what, we're not doing that anymore. david: why do you think they're doing it? what does it indicate on their part? >> i think it indicates believe it or not some confidence on some level, that you know, cohn is not going to be prosecuted. >> not the opposite? >> no, no, i see your point too. why would they say, well, we're not cooperating. yeah, you're right. could also be. liz: maybe they sniffed out that the government has something? >> yeah. generally it is more like just an impasse. this happens all the time. we'll be talking in advance of a formal charge about some resolution. all of sudden it breaks down. they're like, all right. david is making a key point. that is all fine and well behind the scenes. why would you write a letter in front of a major
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financial journalist? david: let me make a suggestion. you tell me if i'm off base or not. >> go ahead. david: the suggestion is liz is right, they have been sniffing around and government doesn't have anything substantive. they look at environment. right now we're in the midst of this irs scandal in which government investigators are viewed very low on the totem pole. >> that's a good point. david: very low on the totem pole. >> that is good point. david: taking advantage of public sentiment against public prosecutors right now? >> that could be the case. but again, you know, why would cohen say to them, we're not going to cooperate? better is not to say anything. liz: i think it is the opposite, david.i just the way s to me, they're batting down the hatches because maybe they think something -- >> i will use a sports analogy backs up both of us or all of us being a football coach. david: how can you back us all up? we're on opposite sides? >> i will back up two of you, white-collar criminal law is like being football coach.
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should you run, should you pass? both side could be right. if he passes and you catch it you're a hero. if you run and score as touchdown you're the hero. i'm not waffling. could be either one. david: bottom line is best defense is good offense. >> could be this. david: this is classic vince lombardi. >> having said that this could backfire where the government's like, f-me? no, wrong. david: you met funk you. i understand. doug burns. he is not a curser, folks. a former prosecutor. that's why we have you on. >> my pleasure. thanks for having me on. liz: flew in here as soon as headline came here. david: doug, a pleasure. liz: gold falling for the 7th straight day, marking the longest losing streak in four years. will gold continue to fall? are we on the edge of a real rally? we're on bull versus bear street fight. you get to decide next. david: irs as he mentioned it is under fire over
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allegations it targeted conservative groups. more than allegations. they admitted they have done that we have someone who says his business was wrongfully pursued by the irs. he is hoping to testify before congress. hear him here before that happens. ♪ .
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♪ (train horn) vo: wherever our trains go the economy comes to life. norfolk southern. one line, infinite possibilities. how old is the oldest person you've known we gave people a sticker and had them show us. we learned a lot of us have known someone who's lived well into their 90s. and that's a great thing but even though we're living longer,
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one thing that hasn't changed much is the official retirement age. ♪ the question is how do you make sure you have the money you need to enjoy all of these years. ♪ >> gold fascinates people as an investment but it has fallen for the seventh straight day $109 in just
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seven sessions. it seems the end is not in sight so is it time to be the ball or the bear? we do put out with a street fight when corner we have our senior wealth vice president and senior trust vice president on their side but you have been bullish the then now you remain so why? >> we think gold is an asset without a purpose because it is capital appreciation you own bonds because of liquidity we owned gold because it was the head of monetary policy excess but now investors are looking to the latter stages and they don't think gold is a necessary anymore. liz: why would i:gold is the asset without a purpose that you could no longer head against central bank monetary policy risk if we will see monetary policy tightening?
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>> first of all, if you don't want to fight the fed and i wouldn't i don't want to fight central bank and they have been buying gold. why would central banks buy gold? they have done it to shore up currency, they have done it because of the vote of confidence that is needed from the investment community on many places. lately it is more fashionable to be bearish and i think the contrary in shows at this time it is more interesting than that was last september when gold was $1,700 in the open interest on comex was 14,000 contracts today you have $1,350 and open interest is 441,000. liz: i get that but that is a good point*. open interest that means people are piling in and it
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is starting to look compelling. >> if you look on balance with the central bank's arguments and significant risk of central banks across europe and the troubled country selling gold which could suppress prices. liz: there is a question if there really did sell its gold. >> and greece has been upgraded. >> raises the risk countries have to monetize assets and sell the family silver and that is a risk that is the allied air but if you look at the issue of the price of gold today rethink the marginal cost of production on the cast pate -- cash basis for $750 per ounce date -- rethink it is still an air pocket. >> the price of production is closer to $12 if you think about the cost of diesel to operate the machinery and a 40 or 50 trucks you're up at $1,200
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without adjusting for inflation and without the spread over that you are seeing hedging from the mining companies. is the most compelling asset than before. >> that is different because our analysis says 750 marginal cost of production. >> it depends where. [laughter] look at globally. liz: he says specifically in africa depending on where you are minding the south american mines and mines elsewhere that are not on the continent and i look at this in the end and say people six days ago said now it is getting compelling because it is closer at $1,400 an ounce and i think
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how much more? when something is out of favor does it continue to fall with the momentum trade on the down side? >> there are major momentum trades now but shortly there will be some important possibilities for a rally. on the 28 they will have the options expiration and you will see at least 15 or 20,000 contracts because of futures contracts on the short position we don't settle on a cash basis. >> what would change your mind right now to making more bullish? becket highlights the difficulty to evaluate because it has no earnings or income strain but others believe there has to be another way for central-bank intervention and we don't see that happening.
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liz: this was a spirited discussion of the people left more educated. thank you so much to our goal and our bare. >> i enjoyed it. i am not selling my seven pieces of gold. [laughter] the push is in on florida to sign more people up for food stamps. america's friendly states is your home town on this list? which of these four states on your screen take the top spot in we will show them to you in a minute. copd makes it hard to breathe...
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the dow and as a the 500 to a new record high. closing at 52-week highs and 77 of them at record highs. and the it market especially in tech tableaus software skyrocketing 63% as the debut today on the new york stock exchange. some stocks even better up 77% on the one-year anniversary of the facebook flop and 29% of employers will hire seasonal workers and career builder says two-thirds will pay at least $10 an hour. leisure hospitality, manufacturing, it and retail will look for seasonal fall. of. this is the latest from fox business, giving you the business, giving you the power to prosper .a and make it happen. i'm janet long and i formed my toffee company through legalzoom. never really thoht i would make money doing what i love.
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[ robert ] we created legalzoom to help people start their business and launch their dreams. go to today and make your business dream a reality. at we put the law on your side. liz: a major development apparently a letter out from the bad old hedge fund sac capital to prosecutors were trying to beat up on the fund. charlie gasparino what is this about?
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they say they will not cooperate any more with the government. >> they say their cooperation is no longer unconditional. what the sec said in the past that is why the legal experts over the last couple minutes think it is very important in the past they said they would cooperate fully with any and all the investigations and there is a lot of investigations. but to one former portfolio manager the implicated steve cohen in a possible illegal trade in other has been indicted and another senior official portfolio manager at sac michael steinberg has been indicted. the fed has made no excuses they say they are looking at steve cohen and his potential involvement of illegal trades. in the past what sac has said cooperating fully with the investigation and now they say they are not
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cooperating fully not the unconditional cooperation when you talk to someone like a professor of law and at columbia university he will tell you that it is the opaque statement but it could mean that attorney is seeking to bring people in before a grand jury. someone at sac or steve cohen himself could be forced. and that is often what they mean there material statements to signal to investors there are investors in sac capital they have a redemption period coming out in june. so in order to give those investors that the necessary information they have to know everything about the investigation and development. here is a development i don't know what it is but there is clearly a development. david: you have and at this for a long time and have
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seen hundreds of companies under investigation or under indictment. have ever seen a company take this as aggressive as a stance as sac has now taken? >> i know they mean against federal prosecutors. david: suggesting you not give full cooperation. >> have you heard of the words anything can and will be used against you and the courts of law? i am not a lawyer but when you are now being targeted by the federal government and something changes in these tonality and direction of the investigation you have to protect yourself. why did they put up the statement? like any regulated entity because investors have a decision to make whether they keep the many or poland dow.
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if there is a change of direction where severity has increased you have to tell people that. david: understood. perfect explanation. irs officials on capitol hill today testifying over targeting conservative groups some say his business was targeted and joins us next. liz: mcgraw-hill financial raising the new company logo name and flag outside its headquarters on sixth avenue in new york city the firm officially changed its name from mcgraw-hill to mcgraw-hill financial earlier this month. ♪ sure that we were on schedule.
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>> we provided horrible customer service. i will limit that. we did. horrible customer service. >> politically motivated is a different question. >> horrible customer service the way the acting irs commissioner describe the awful practices they first tonight now admits it was mired in for years and we're
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not its customers and individuals are forced to it here to the widening authority and its decisions can destroy the lives and businesses of thought not lost on our next guest says his organization was one of those targeted by the irs for the political views. founder and president joins us now. when did you first find out your group was targeted and how? >> i filed my application january 2011 and i received a letter it may when i first began to have a sinking feeling something was amiss. then the end of december i call the of the aged in the cincinnati office that told me when i said why is this taking so long? it was processed normally into three months and he said and i quote, we have been waiting on guidance from our superiors as to your organization and similar organizations.
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david: first of all, the you have the name of that age and? >> i do. i am keeping it is closed for now because number one there is a lawsuit that will proceed next week and i am also being considered for testimony for congress. david: you do have names even though they did not come out today you do have names sandy will provide those out in the public or closed doors? >> in the public but just at the right time. david: specifically a question then is a sincere interest with the asking you for the names of your donors ? a lot of people donate to a lot of causes some to personally and when they asked for the names of your donors. >> it is important to understand my organization is the 501(c)4 three not four like most of the others
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we are the educational and the model is to challenge the generations and we work with young high-school college students to engage them to read the great books of political philosophy as the focus the mind is different we did not use the tea party or conservative but we were targeted because of the ideas so did they ask for donors? yes but they also last to identify those by in teaching to give details about what i am teaching imagine what would tell the parents the some of these students are minors i cannot turn their names over to the irs. david: it is a rhetorical question but what businesses have been reluctant to contribute if they had known their names would be passed through officials of the irs? >> they probably wouldn't again because i am the educational nonprofit but i
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lost a $30,000 grant from a reputable non profit because they couldn't wait for the delay and in addition i lost another 30 or $50,000 of my own fun soap there was clearly damaged. david: the present was pushing back in 2010 for the names of donors to organizations we have a sound bite from the president from march 2010. >> and attacking people without disclosing who is behind all these attack ads. you don't know. it could be the oil industry or the insurance industry or even corporations. david: the president is complaining publicly about not knowing who the donors are a and surprise surprise then the irs begins to ask organizations applying for status to the donors are.
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>> yes. again this is egregious because i work with young people. for the irs to ask for the names of the young people with whom i work is a legal and i go back to the'' at the beginning, the idea that steve miller said it is a customer service issue, somebody sending you a pair of shoes that is too big is customer service but for this purpose it is illegal. david: we are captive audience and we are forced but let us know what happens best of luck and thank you for coming. liz: watch your mouth the new study breaks down the most foul mouth states in the country and we will tell you who made the list next. ♪ before copd...
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and the marsh jack institute scandal conversations to find the most polite states looking for the people who use please and thank you southern states were at the top with north carolina and south carolina the most polite while wisconsin and massachusetts in massachusetts they may not be foulmouthed but they are not polite. liz: that is so true. if you want a big lotto jackpot where would you invest? >> she would give away to charity. david: and me well for the to top things to watch the jpmorgan annual shareholder will they split his job? shareholders are expected to vote to split the chairman and ceo and currently jaime diamond holds both titles. liz: the number one thing to watch is ben bernanke and to give testimony before the joint economic committee to give his outlook on the
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state of the u.s. economy and congressional members you know they will do this will push him on the fed plan as to when they will begin to unwind 17 when does ben bernanke ever have an effect on the market? money with melissa frances next. >> here is to make money today. bill gates has taken the title of the world's richest man today and not looking back. microsoft shares hit a fresh five-year high


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